Aditya Birla Group will buy 12 per cent stake of Arab Petroleum Investment Corporation (Apicorp) in Alexandria Carbon Black Company (ACBC), which is an Egypt-based company. Aditya Birla Group is already the major stakeholder in the company.
To mobilize funds for the new avenues of investments, this divestment plan is adopted by Apicorp, the multilateral development bank of the organization of Arab Petroleum Exporting Countries (OAPEC).
17 per cent stake in the Apicorp is owned by the government of the UAE. This divestment proposal is approved by its board on 26th December.
"The agreement is further evidence of the rapid divestment potential of our investments. Hence, this sale is part of an investment strategy to redeploy funds for diversification into new midstream sectors, particularly oil refining, storage, transport and shipping" said Apicorp Chief Executive and General Manager Ahmad Bin Hamad Al Nuaimi.
"Since we invested in ACBC 17 years ago, we have seen the company evolve into the world's largest production line in the carbon black industry and we now feel it is the right time to monetise the investment," he added.